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Cargo Insurance and Risk Management

Global trade and the movement of goods is more important than ever and as cultures become more diverse, there is a desire for a range of products from overseas. Cargo being transported from one location to another can be exposed to a range of risks.

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From contamination of stock, increasingly erratic weather patterns, cargo theft to misappropriation. Geopolitical sensitivities, domestic conflicts and terrorism have also created a number of flashpoints along major trade routes. This could result in business interruption for cargo companies, or damage to goods themselves.

Like many other sectors, the shipping industry is going digital. New ships are bristling with technology, while port and cargo operations are becoming increasingly digitalised and automated. Vulnerabilities in operating technology are exposing companies to a range of cyber threats including; physical damage, business interruption and the potential theft of cargo. JLT can help companies manage these risks.

Our cargo team are leaders in the London and international market, providing specialist programme design and transactional services to a broad spectrum of industries around the world by combining in-depth sector expertise with innovative claims solutions.

What We Do

Our cargo team has been helping clients to understand and manage their risk exposures for over 20 years. We represent you and your interests through a process of engagement with all the world’s cargo insurance markets.

Our face-to-face approach means your business is articulated in a way that enables us to achieve good results; securing a competitive price, product and terms for the cover you need.

We believe that the longevity of relationships between markets, brokers and clients is of the ultimate benefit to our clients. We have a strong track record in achieving good deals in terms of price, coverage and claims resolution.

Our areas of speciality include

Worldwide cargo programs

Interned based global servicing platforms

Stock throughput policies

Binding authorities

Bespoke commodity policies

Program facilities

Project cargo and marine delay in start up

FAQs

What happens if I am not sure whether I have coverage for a loss at a location that wasn’t on the schedule of locations I provided at renewal?

To determine coverage, check your insurance contract to see if it contains an automatic acquisition clause. This will provide cover at locations not advised at the inception of the insurance contract, or at newly acquired or utilised locations.

If my cargo is not delivered to its intended destination? Can I recover the additional costs of getting it there?

The extra expense clause that may be contained in your insurance contract provides coverage for such expenses when the non-delivery occurs due to circumstances beyond your control.

What happens if I have cargo on board a vessel which has been arrested and I need to deliver it, but the vessel owner has not terminated the contract of a freightment?

It is possible to get extra expense cover which will respond should the above event occur. This will allow you the commercial flexibility to discharge your cargo and store it and/or forward it to the intended or an alternative destination as may be required.

What would happen if my cargo is damaged, but it still retains some value?

The cargo should try to be salvaged. All proceeds received for the goods will be deducted from the gross claim amount reducing the insured’s loss. Insurers can help arrange the salvage sale by appointing an independent company to assist the insured with obtaining buyers.

Our ship carrying goods has been attacked by pirates, what can I do?

Piracy can lead to multiple issues including ransom demands, damaged ships and declaration of general average. There could be coverage under your marine transit policy for some or all of these scenarios so you should seek guidance and instruction from your insurance broker.

KEY STATS

WHY JLT

We pride ourselves on offering expert support and a highly responsive service. Here's what makes us different:

Our specialist team has wide-ranging experience and technical knowledge. We work to understand your business and requirements, enabling us to deliver the best solutions for your needs

Our team is structured to deliver a responsive and personal service. We understand the time pressure that our partners are often under, so we aim to respond to all enquiries within 24 hours

We have dedicated claims specialists who sit alongside our team of brokers. Being part of the team means they know and understand clients from the outset, which can prove invaluable in the case of a claim

Something that sets us apart from our competitors is our extensive in-house modelling and analytics capabilities. We can help you make informed decisions about your insurance purchasing

Our brokers have strong relationships with key cargo underwriters. We know them personally and have worked with them for many years, building up trusting, cooperative relationships, which we use to your benefit

We are skilled in arranging complex insurance cover, our cargo team guarantees to offer a fresh global perspective on programme design and broking requirements.

INSURANCE SOLUTIONS

We have specialist knowledge of programme design and transactional services. We offer expertise in the following insurance product lines:

We know that comprehensive understanding of our clients’ structure, operations and business principles are fundamental to the delivery of superior insurance/risk transfer products and services.

Aligning the right expertise and experience with the project owner and contractor is of paramount importance to the process. We have a dedicated project cargo placing and claims team with renowned market presence.

We can work with project owners, contractors and heavy lift freight forwarders

We put great emphasis on working closely with underwriters, the project contractor and the appointed marine warranty surveyor

We prepare and distribute bespoke survey/coordination procedures to assist in the understanding of, and compliance with, the survey warranty provision and other paramount contractual conditions/exclusions

Our contract form offers seamless project cargo and marine delay in start-up (DSU) insurance, including where required, contingent, difference in conditions (DIC) and difference in limits (DIL) provisions, including the following additional features. This needs to identify this is a list.

Non-cancellable contract, other than in respect of war and strikes risks

Broad form duration of cover clause specifically designed to avoid potential termination of cover during any particular voyage

Extra expense provisions available following loss or damage for debris removal, forwarding charges, replacement by air, overtime work, night work, work on public holidays and professional fees (independent architects, surveyors, consulting engineers etc).

Control of damaged goods clause ensures that the client remains in full control of said goods and shall be the sole judge as to whether they are fit for sale as salvage or otherwise for destruction

Deductible clause ensures that the physical damage deductible is not applicable in the event of a major insured peril (e.g. vessel sinking, stranding or collision)

We can provide real time support for our clients’ operations as needed

We offer global servicing including co-ordination of local policy implementation

A dedicated team that offers a comprehensive review of your policy wording

Using our extensive database we benchmark the performance of individual insurers, allowing you to make informed decisions about the markets with which you trade

Most importantly, in the event of a loss you really need the most from your broker. With 24/7 access, our priority is to deliver full settlement as quickly as possible. From submission to payment, our average lead market settlement period is ten days.

Jardine Lloyd Thompson Group plc

Jardine Lloyd Thompson Group plc, incorporated and registered in England and Wales. Registered Office at The St Botolph Building, 138 Houndsditch, London, EC3A 7AW. Registered number 1679424. Jardine Lloyd Thompson Group plc is a holding company, some of whose subsidiaries are authorised and regulated by the Financial Conduct Authority.